Former Democratic National Committee Chair Debbie Wasserman Schultz breathlessly declared: "I look more at the public record of someone like Barack Obama or Hillary Clinton. And their public record is pristine. They both fought back against the big banks and their practices and I have every confidence in the service they both provided."
On the contrary, there is no evidence whatsoever that Barack Obama fought against Wall Street and the banking sector.
Obama said shortly after he took office at a meeting with the heads of Wall Street: "My administration is the only thing between you and the pitchforks."
The problem is that pitchforks were far too tame. Tarring and feathering, followed by setting them alight, was more of what we had in mind.
Late in 2011, Steve Kroft of 60 Minutes told Obama that "there’s not been any prosecutions, criminal prosecutions, of people on Wall Street." But as David Cay Johnston noted, Kroft failed to ask Obama the obvious follow-up question, "And why not?"
In September 2013, Bill Moyers asked Bill Black, a hero to those of us who are tired of the lives of the rich and famous, not to mention corrupt, Wall Streeters, why there was no concerted effort to prosecute the people responsible for the 2008 Wall Street crash:
"The savings and loan debacle [of the 1980s] was one-seventieth the size of the current crisis, both in terms of losses and the amount of fraud. In that crisis, the savings and loan regulators made over 30,000 criminal referrals, and this produced over 1,000 felony convictions in cases designated as 'major' by the Department of Justice. But even that understates the degree of prioritization, because we, the regulators, worked very closely with the FBI and the Justice Department to create a list of the top 100 — the 100 worst fraud schemes. They involved roughly 300 savings and loans and 600 individuals, and virtually all of those people were prosecuted. We had a 90 percent conviction rate, which is the greatest success against elite white-collar crime (in terms of prosecution) in history."
Johnston asked Black if anyone from the Obama administration contacted him, with the predictable answer being, "No."
Instead Obama hired three Clinton stooges, Timothy Geithner, Larry Summers, and Eric Holder.
Johnson noted that Geithner "not only failed to stop the looting, he actually shut down investigators who were onto the frauds because he said he worried that the institutions he was supposed to regulate were too fragile to withstand scrutiny." Neil Barofsky, special inspector general in charge of oversight of TARP, documented in his book how Geithner repeatedly undermined his authority. After his time at Treasury, Geithner became president and managing director of Warburg Pincus, a private equity firm.
Summers was one of the gang of three, along with Alan Greenspan and Robert Rubin, who prevented Brooksley Born, the head of the Commodity Futures Trading Commission, from regulating derivatives, what Warren Buffett termed "financial weapons of mass destruction." The abuse of derivatives was a major factor in the 2008 Wall Street crash.
Summers declared in a July 2011 Reuters editorial that "there must be a clear and unambiguous commitment that whatever else happens, the failure of major financial institutions in any country will not be permitted." Throw women and children overboard, but save the banks at any cost!
Holder was Clinton's right-hand henchman in securing the pardon of Marc Rich in the last hours of the Clinton administration, with Rich being a notorious international criminal. The National Law Journal noted that Holder had only been filling his Rolodex during his time with the government.
Schultz was right on the money -- $400,000, to be exact -- with her comment regarding the "service they both provided."